There is no doubt the demand for rental property is high, but many people have cited concerns about the availability of rental accommodation. Over the past couple of years, there have been many scare-stories about landlords leaving the industry in droves.
This isn’t the story we’ve seen on the ground in Finchley, we know many landlords are looking to bolster their portfolio, and position themselves as a great choice in the local market. This is why we’re pleased to see a new study from The Mortgage Lender which suggests a majority of Buy-To-Let (BTL) landlords have strengthened their portfolio in the past 12 months.
The study indicates 52% of residential BTL landlords have increased their property holdings in the past month. 25% have bought a single rental property, and 27% have purchased more than one.
As we move forward, 26% of BTL landlords say they plan to buy a single property while 26% plan to purchase more than one. 74% of respondents said they feel confident about the rental market for the year which lies ahead.
We know times are challenging, but there is a lot for landlords to feel optimistic over. No matter what happens in the housing market, whether prices go up or down, demand for rental property will remain. This is especially true in London, and we have every confidence London landlords will see a line of willing tenants for their property. Of course, not every tenant is the right one for your property, but our experience and services reduce your risk, and increase your chances of success.
It is good to know the reasons why landlords are looking to expand in the market, and 31% of landlords cited growing tenant demand as their motivation to stay in the market. 25% of landlords said they had spare capital they could use for sensible investments.
There are many reasons why landlords have reached this decision, including:
· 35% worried over re-mortgaging costs because of interest rates
· 28% cited concerns over house prices
· 23% said they had sold a property in the previous 12 months to make a better investment
These are all valid reasons for landlords to make the most of what they have, and if you are looking to bolster your portfolio, or make better use of it, we are on hand to assist you. At David Harris & Co, we use our experience of the market, and insight from trusted professionals, to ensure you make the best decision for your property and finances.
Chris Kirby, Head of Key Accounts & Specialist Distribution at The Mortgage Lender, comments: “BTL plays an important role in the residential property market, ensuring that there continues to be a good supply of quality and well-maintained rental properties to meet consumer demand. Last year’s high inflationary and interest rate environment saw unsettled confidence levels among prospective homebuyers, though for residential landlords our research shows they have not been as discouraged. Many are taking opportunities to grow their portfolios, and with rates reducing, average rents increasing and house price growth predicted, landlords have good reason to be optimistic.”
Chris Kirby continued by saying: “It certainly paints a positive picture and highlights the continued interest in BTL as an asset class. For those landlords who are looking to grow their portfolios, it’s important to seek advice to ensure they are accessing the best possible opportunities in the coming year.”
Whether you need assistance in finding the right rental property to buy, or you require help in managing your rental accommodation, we are the local experts you can trust to make your life easier while generating monthly income.
We have assisted many Finchley homeowners and landlords looking to let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely tenants by turning to a local letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
